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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral | The net asset or liability positions of these derivatives (net of their cash collateral) are determined on a counterparty-by-counterparty basis and are included within Condensed Consolidated Balance Sheets in Commodity derivative assets (liabilities) - current or if long-term in nature, Other assets, net or Other long-term liabilities:
(in thousands) | September 30, 2023 |  | December 31, 2022 |  | September 30, 2022
Cash collateral paid | $ | 16,121 |  |  | $ | 64,530 |  |  | $ | 152,603 |
Fair value of derivatives | 38,203 |  |  | (10,014) |  |  | (42,578) |
Net derivative asset position | $ | 54,324 |  |  | $ | 54,516 |  |  | $ | 110,025 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents, on a gross basis, current and non-current commodity derivative assets and liabilities:
| September 30, 2023
(in thousands) | Commodity Derivative Assets - Current |  | Commodity Derivative Assets - Noncurrent |  | Commodity Derivative Liabilities - Current |  | Commodity Derivative Liabilities - Noncurrent |  | Total
Commodity derivative assets | $ | 301,990 |  |  | $ | 4,730 |  |  | $ | 12,733 |  |  | $ | 101 |  |  | $ | 319,554 |
Commodity derivative liabilities | (78,516) |  |  | (396) |  |  | (155,244) |  |  | (1,669) |  |  | (235,825) |
Cash collateral paid | 16,121 |  |  | — |  |  | — |  |  | — |  |  | 16,121 |
Balance sheet line item totals | $ | 239,595 |  |  | $ | 4,334 |  |  | $ | (142,511) |  |  | $ | (1,568) |  |  | $ | 99,850 |
| December 31, 2022
(in thousands) | Commodity Derivative Assets - Current |  | Commodity Derivative Assets - Noncurrent |  | Commodity Derivative Liabilities - Current |  | Commodity Derivative Liabilities - Noncurrent |  | Total
Commodity derivative assets | $ | 325,762 |  |  | $ | 1,796 |  |  | $ | 18,426 |  |  | $ | 686 |  |  | $ | 346,670 |
Commodity derivative liabilities | (94,704) |  |  | (149) |  |  | (116,945) |  |  | (1,484) |  |  | (213,282) |
Cash collateral paid | 64,530 |  |  | — |  |  | — |  |  | — |  |  | 64,530 |
Balance sheet line item totals | $ | 295,588 |  |  | $ | 1,647 |  |  | $ | (98,519) |  |  | $ | (798) |  |  | $ | 197,918 |
| September 30, 2022
(in thousands) | Commodity Derivative Assets - Current |  | Commodity Derivative Assets - Noncurrent |  | Commodity Derivative Liabilities - Current |  | Commodity Derivative Liabilities - Noncurrent |  | Total
Commodity derivative assets | $ | 529,456 |  |  | $ | 7,743 |  |  | $ | 24,143 |  |  | $ | 1,488 |  |  | $ | 562,830 |
Commodity derivative liabilities | (179,962) |  |  | (1,008) |  |  | (161,311) |  |  | (5,985) |  |  | (348,266) |
Cash collateral paid | 152,603 |  |  | — |  |  | — |  |  | — |  |  | 152,603 |
Balance sheet line item totals | $ | 502,097 |  |  | $ | 6,735 |  |  | $ | (137,168) |  |  | $ | (4,497) |  |  | $ | 367,167 |
Company's Condensed Consolidated Statement of Income gains and location of line items | The net pretax gains and losses on commodity derivatives not designated as hedging instruments included in the Company’s Condensed Consolidated Statements of Operations and the line items in which they are located are as follows:
| Three months ended September 30, |  | Nine months ended September 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues | $ | (26,918) |  |  | $ | (169,478) |  |  | $ | (49,659) |  |  | $ | 94,708 |
The recording of gains and losses on other derivatives and the financial statement line in which they are located are as follows:
| Three months ended September 30, |  | Nine months ended September 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Interest rate derivative gains included in Other comprehensive income | $ | 7,981 |  |  | $ | 14,282 |  |  | $ | 10,571 |  |  | $ | 39,746 |
Interest rate derivative gains (losses) included in Interest expense, net | 2,734 |  |  | 210 |  |  | 7,354 |  |  | (2,420) |
Amounts of quantities outstanding included in commodity derivative contracts | The Company's volumes of commodity derivative contracts outstanding (on a gross basis) are as follows:
| September 30, 2023
(in thousands) | Number of Bushels |  | Number of Gallons |  |  |  | Number of Tons
Non-exchange traded: |  |  |  |  |  |  |
Corn | 546,004 |  |  | — |  |  |  |  | — |
Soybeans | 66,884 |  |  | — |  |  |  |  | — |
Wheat | 114,195 |  |  | — |  |  |  |  | — |
Oats | 24,712 |  |  | — |  |  |  |  | — |
Ethanol | — |  |  | 217,092 |  |  |  |  | — |
Dried distillers grain | — |  |  | — |  |  |  |  | 669 |
Soybean meal | — |  |  | — |  |  |  |  | 686 |
Other | 9,734 |  |  | 26,632 |  |  |  |  | 2,295 |
Subtotal | 761,529 |  |  | 243,724 |  |  |  |  | 3,650 |
Exchange traded: |  |  |  |  |  |  |
Corn | 158,900 |  |  | — |  |  |  |  | — |
Soybeans | 36,135 |  |  | — |  |  |  |  | — |
Wheat | 106,068 |  |  | — |  |  |  |  | — |
Oats | 1,865 |  |  | — |  |  |  |  | — |
Ethanol | — |  |  | 121,002 |  |  |  |  | — |
Propane | — |  |  | 108,990 |  |  |  |  | — |
Other | — |  |  | 672 |  |  |  |  | 779 |
Subtotal | 302,968 |  |  | 230,664 |  |  |  |  | 779 |
Total | 1,064,497 |  |  | 474,388 |  |  |  |  | 4,429 |
| December 31, 2022
(in thousands) | Number of Bushels |  | Number of Gallons |  |  |  | Number of Tons |  |
Non-exchange traded: |  |  |  |  |  |  |  |  |
Corn | 567,405 |  |  | — |  |  |  |  | — |  |  |
Soybeans | 56,608 |  |  | — |  |  |  |  | — |  |  |
Wheat | 102,716 |  |  | — |  |  |  |  | — |  |  |
Oats | 24,710 |  |  | — |  |  |  |  | — |  |  |
Ethanol | — |  |  | 178,935 |  |  |  |  | — |  |  |
Dried distillers grain | — |  |  | — |  |  |  |  | 449 |  |  |
Soybean meal | — |  |  | — |  |  |  |  | 570 |  |  |
Other | 10,054 |  |  | 44,547 |  |  |  |  | 2,029 |  |  |
Subtotal | 761,493 |  |  | 223,482 |  |  |  |  | 3,048 |  |  |
Exchange traded: |  |  |  |  |  |  |  |  |
Corn | 170,280 |  |  | — |  |  |  |  | — |  |  |
Soybeans | 46,380 |  |  | — |  |  |  |  | — |  |  |
Wheat | 111,567 |  |  | — |  |  |  |  | — |  |  |
Oats | 365 |  |  | — |  |  |  |  | — |  |  |
Ethanol | — |  |  | 94,206 |  |  |  |  | — |  |  |
Propane | — |  |  | 47,208 |  |  |  |  | — |  |  |
Other | — |  |  | 588 |  |  |  |  | 581 |  |  |
Subtotal | 328,592 |  |  | 142,002 |  |  |  |  | 581 |  |  |
Total | 1,090,085 |  |  | 365,484 |  |  |  |  | 3,629 |  |  |
| September 30, 2022
(in thousands) | Number of Bushels |  | Number of Gallons |  |  |  | Number of Tons
Non-exchange traded: |  |  |  |  |  |  |
Corn | 628,346 |  |  | — |  |  |  |  | — |
Soybeans | 120,182 |  |  | — |  |  |  |  | — |
Wheat | 60,877 |  |  | — |  |  |  |  | — |
Oats | 31,147 |  |  | — |  |  |  |  | — |
Ethanol | — |  |  | 196,660 |  |  |  |  | — |
Dried distillers grain | — |  |  | — |  |  |  |  | 391 |
Soybean meal | — |  |  | — |  |  |  |  | 483 |
Other | 9,449 |  |  | 30,747 |  |  |  |  | 3,448 |
Subtotal | 850,001 |  |  | 227,407 |  |  |  |  | 4,322 |
Exchange traded: |  |  |  |  |  |  |
Corn | 206,705 |  |  | — |  |  |  |  | — |
Soybeans | 68,520 |  |  | — |  |  |  |  | — |
Wheat | 87,580 |  |  | — |  |  |  |  | — |
Oats | 1,450 |  |  | — |  |  |  |  | — |
Ethanol | — |  |  | 91,770 |  |  |  |  | — |
Propane | — |  |  | 50,904 |  |  |  |  | — |
Other | 145 |  |  | 1,638 |  |  |  |  | 632 |
Subtotal | 364,400 |  |  | 144,312 |  |  |  |  | 632 |
Total | 1,214,401 |  |  | 371,719 |  |  |  |  | 4,954 |
Schedule of Fair Value of Interest Rate Derivative Liabilities | The Company had recorded the following amounts for the fair value of the other derivatives:
(in thousands) | September 30, 2023 |  | December 31, 2022 |  | September 30, 2022
Derivatives not designated as hedging instruments |  |  |  |  |
Foreign currency contracts included in Other current assets (liabilities) | $ | (1,714) |  |  | $ | (3,124) |  |  | $ | (5,685) |
Derivatives designated as hedging instruments |  |  |  |  |
Interest rate contracts included in Other current assets | $ | 12,026 |  |  | $ | 8,759 |  |  | $ | 6,925 |
Interest rate contracts included in Other assets | 29,952 |  |  | 22,641 |  |  | 25,669 |
Schedule of Outstanding Interest Rate Derivatives | Outstanding interest rate derivatives, as of September 30, 2023, are as follows:
Interest Rate Hedging Instrument |  | Year Entered |  | Year of Maturity |  | Initial Notional Amount (in millions) |  | Description |  | Interest Rate
Long-term |  |  |  |  |  |  |  |  |  |
Swap |  | 2019 |  | 2025 |  | $ | 95.3 |  |  | Interest rate component of debt - accounted for as a hedge |  | 2.3%
Swap |  | 2019 |  | 2025 |  | $ | 47.7 |  |  | Interest rate component of debt - accounted for as a hedge |  | 2.4%
Swap |  | 2019 |  | 2025 |  | $ | 47.7 |  |  | Interest rate component of debt - accounted for as a hedge |  | 2.4%
Swap |  | 2020 |  | 2030 |  | $ | 50.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 0.0% to 0.8%
Swap |  | 2020 |  | 2030 |  | $ | 50.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 0.0% to 0.8%
Swap |  | 2022 |  | 2025 |  | $ | 20.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 2.6%
Swap |  | 2022 |  | 2029 |  | $ | 100.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 2.0%
Swap |  | 2022 |  | 2029 |  | $ | 50.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 2.4%
Swap |  | 2023 |  | 2024 |  | $ | 50.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 3.7%
Swap |  | 2023 |  | 2025 |  | $ | 50.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 3.7%
Swap |  | 2023 |  | 2031 |  | $ | 50.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 2.9%

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